Korea's Landmark Petroleum Exploration Deal in UAE

Paves the way for Korea to participate in exploration projects

Korean President Lee Myung-bak and United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed Al Nahyan held in-depth discussions in all areas, including energy, construction, economic/ commercial cooperation, defense, health, medical care and environment, during their talks in Abu Dhabi on March 13.
The two leaders expressed satisfaction at the considerable furthering of bilateral ties following the establishment of a strategic partnership between the two countries, the Korean presidential office Cheong Wa Dae said.
They welcomed the fact that the two countries have made headway in collaborating in the nuclear power sector one year after Korea was awarded the contract to build four nuclear power units in the UAE, and they also agreed to maintain close cooperation so as to construct top quality nuclear power units.
The UAE president expressed his gratitude over the dispatching of a Korean special forces unit called “Ark.” The two leaders shared the view that the two countries will further improve their strategic partnership through the operation of the Korean unit.
Acknowledging that the two countries have expanded bilateral cooperation in the national defense, future growth engines, health/medical care and environment sectors, the two leaders also agreed to expand high-level personnel exchanges to that end. The UAE president expressed thanks for President Lee’s offer for an official visit to Korea.
While President Lee was staying in the UAE, Korea and the UAE signed three MOUs, including ones on future growth engines and health/medical care. The two countries also inked an MOU between the Global Green Growth Institute (GGGI) and the UAE and an MOU on strategic dialogues between the foreign ministries of the two countries.
Under the MOU, the UAE government will provide $15 million in green growth funds in the next three months, and the GGGI will dispatch experts to the UAE to help the Middle East country set up low-carbon, green growth policies and to conduct research.
Announcing the outcomes of the summit talks with the UAE president, President Lee said Korea and the UAE held a ceremony to sign an MOU to award the right for Korea to participate in exploration projects in the UAE where the heads of state of the nations were on hand.
The MOU will allow Korea to participate in a project to explore a large-scale oil field with more than 1 billion barrels of reserves, and a contract is to be signed in 2012, said Lee, adding that Korea has also signed an agreement on three untapped oil fields.
President Lee noted that if crude oil is secured through the latest agreement, Korea’s own petroleum development rate would rise to about 15 percent from a mere 4 percent when he took office. The Korean government is devoting itself to raising the figure to about 20 percent, the level Japan has so far recorded.
Meanwhile, President Lee pledged to ensure the safety of the nuclear power units Korea is building in the UAE.
He made the remark at a groundbreaking ceremony at the construction site in Braka, some 300 km west of Abu Dhabi, on March 14 with Crown Prince Sheikh Mohammed bin Zayed Al Nahyan also in attendance.
Cheong Wa Dae, the presidential office, quoted President Lee as saying the Korean-type nuclear reactors will become a good model in the Middle East in consideration of the safety and effectiveness of Korea’s nuclear technology.
Lee was presented with the Zayed International Prize for the Environment and he gave a speech on global green growth. nw

Korean President Lee Myung-bak and UAE Crown Prince Sheikh Mohammed bin Zayed Al Nahyan take a look at the materials, to be placed at the time capsule of the site of the projected nuclear power plant in the UAE at a groundbreaking ceremony.

Photo by courtesy of Cheong Wa Dae website